SHENYANG, China, March 7, 2006 (PRIMEZONE) -- Great China International Holdings, Inc. (OTCBB:GCIH) today announced the appointment of Zhiren (Paul) Deng as Chief Executive Officer, succeeding Fang Jiang, who will remain in the positions of Chairman of the Board and President.
Mr. Deng, 55, joined Great China as its Chief Business Advisor in November 2005. He previously was Chief Executive Officer of Sichuan Exposition Development Ltd., a multi-functional real estate project covering 800,000 square meters, located in Chengdu, Sichuan, China.
From 2003 to 2004, Mr. Deng was the Chief Consultant to Beijing Junefield Group, and for three years prior to 2003 he was Chief Executive Officer of Beijing X&D Property Consultants Ltd, which participated in the strategic planning and sales of more than 70 real estate projects in China. He is a frequent guest lecturer of Real State EMBA courses at Tsinghua University, Beijing University and Fudan University.
"We are pleased to have attracted an executive with the breadth of experience that Paul Deng brings to our company," Mr. Jiang said. "He is widely known as the founding father of China's real estate industry and highly respected throughout China. I am confident that under Mr. Deng's leadership, Great China International Holdings will experience solid growth and deliver strong returns to our shareholders."
Founded in 1989, Great China International Holdings' wholly owned subsidiary, Shenyang Maryland International Industry Co., Ltd., is one of the largest non-state-owned real estate developers in Northeast China. The company's core business is premium residential and commercial development and management. It currently owns and manages the President Building, which was completed in April 2002, with 25 tenants comprised of Fortune 500 companies. The company's prior developments included the Maryland Building, Roma Resort Garden, Qiyun New Village, Peacock Garden, University Campus of Shenyang Teacher's University, and Chenglong Garden, mostly located in Shenyang.
Forward-Looking Statements
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, including but not limited to, the prospect of solid growth and strong shareholder returns, are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the company's filings with the Securities and Exchange Commission, including factors that might affect the company's ability to achieve solid growth and strong returns to shareholders.